Canary Capital Seeks Approval for Staked Injective ETF

Canary Capital has taken a significant step toward expanding its crypto portfolio . On July 17, the digital asset manager filed with the Securities and Exchange Commission (SEC). The filing seeks approval to launch a staked Injective (INJ) exchange-traded fund (ETF) in the United States. In the filing, the firm outlined its plans to offer investors a regulated way to gain exposure to Injective’s token while earning staking rewards. The move comes as staking-based products gain popularity. Canary Capital Eyes New Crypto Fund The proposed Canary Staked INJ ETF will track the price of Injective’s native token (INJ) and distribute staking yields. This new fund follows a growing trend of staking-based investments. It will let investors earn rewards from staking while also tracking the price of a cryptocurrency. Canary’s filing comes shortly after it created a trust in Delaware for the ETF. This process mirrors the approach taken by other firms seeking to introduce stakeholder products to the market under U.S. regulation. Although the regulatory environment remains complex, signs of progress are visible. SEC Chair Paul Atkins and Commissioner Hester Peirce have both suggested that some staking products may not fall under traditional securities laws. The SEC is currently developing guidance to clarify how such products can be approved. Growing Interest in Staking-Based ETFs Canary’s new filing comes on the heels of the launch of the REX-Osprey Solana Staking ETF, the first staking ETF approved in the U.S. Meanwhile, Grayscale also received conditional approval for a crypto fund that includes staking assets. However, that decision has since been put on hold. According to Canary, this new INJ ETF is a direct response to rising demand for regulated exposure to Injective. The firm added that the fund aims to remove technical hurdles and offer a safe, compliant way for more people to participate. This is not Canary Capital’s first attempt at a staking ETF. The firm has also filed for ETFs based on Cronos (CRO), Tron (TRX), SEI, and other networks, including Pengu, Sui, Hedera, and Litecoin. Canary is not alone in targeting Injective. In Europe, asset manager 21Shares launched an Injective exchange-traded product in July. Injective Rises with EVM Support and Big-Name Backing Injective is a high-speed, Layer 1 blockchain that supports both traditional finance (TradFi) and decentralized finance (DeFi) use cases. It recently added full support for the Ethereum Virtual Machine (EVM), making it more compatible with existing Ethereum-based apps. Backed by top investors such as Binance, Jump Crypto, Pantera Capital, and Mark Cuban, Injective continues to attract significant attention. At the time of writing, INJ is trading at $13.88, up by nearly 4% in the past 24 hours, according to CoinMarketCap data. The post Canary Capital Seeks Approval for Staked Injective ETF appeared first on TheCoinrise.com .

Source: The Coin Rise